Finance for children when computer literacy strives for 100%.
The financial technology market is constantly evolving, and children are actively involved in it. As you know, most parents believe that adolescents can not make purchases on the Internet until they come of age. However, in fact, children are attracted by adults to the issues of purchasing tickets, booking hotels and other similar activities.
A unique case: modern teenagers have almost 100% computer literacy. Almost 90% of young people from 14 to 17 years dispose of pocket money. Almost 50% of them have an e-wallet. 62% of adolescents participate in budgeting, as well as cost and income accounting.
Many young people create successful startups (including financial and technological ones) before coming of age. At the same time, market players offer children a range of their products.
Finance for children and cards for teens
Children’s plastic card in Russia can be received in the age from 6 to 14 years.This is a kind of addition to the account of an adult. For its registration, you need a birth certificate and a passport of one of the parents. This card product is somewhat different from the usual for people over eighteen. Cards have a mandatory limit, bonus, and cashback.
Restrictions on this product relate not only to the amount that is available for withdrawal or payment on the Internet. The card can only operate in a particular city or region.
Of course, children’s cards have their drawbacks. It is known that a person is reluctant to part with cash, especially if there are a lot of them visually. Money on the card is just numbers. They leave with ease. It has also been established that the use of plastic cards by children is likely to result in the theft of personal data. There is still a risk of losing the card, but, fortunately, everything is solved through timely blocking.
On the basis of Article 26 of the Civil Code of the Russian Federation, a child of 14 years of age has the right to independently manage a scholarship, income or any personal money. Also, the teenager is available the possibility of bank deposits. The remaining transactions are possible only with the written permission of the parents or in their presence.
Teens over 14 years old have the right to issue a card on their own by presenting their own passport (ID). This product is almost no different from children. The main difference is that the card for those who are more than six years old is tied to the account of the parent, and the adolescent banking product has its own account.